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Experience with "Credit Analyzer" tool in BoA Privacy Assist

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Anonymous
Not applicable

Experience with "Credit Analyzer" tool in BoA Privacy Assist

Hi all,

 

So as I continue to look for ways to maximize my credit ratings given my current debt level, I came across this tool included with my credit tracking service.  Of course I know that the simulated scores are not expected to be exactly what the reality will be, and I thought I read in some other posts that people tried simulating their score but the actual result was very different from the projection.

 

It was interesting to break down the algorithms a little bit.  The tool allows you to input simulations for each of the 3 CBs.  The simulation I chose was "distribute my revolving debt among all of my revolving accounts".  This basically took the accounts that I have the highest utilization on and then distribute that among other cards where I have low or zero balances.

 

The results were interesting:

- EX went from 701 to 752, if I reduce my utilization per account to 34%

- TU no change at 719

- EQ from 723 to 737 if I reduce my utilization per account to 40%

 

This tells me that EQ tolerates higher utilizations per account.  I guess I'll target 34% utilization and report back!

Message 1 of 3
2 REPLIES 2
gdale6
Moderator Emeritus

Re: Experience with "Credit Analyzer" tool in BoA Privacy Assist

IME simulators like this one are way off base, they are not based on a Fico score but a FAKO and no one uses Fakos to grant credit. I would dismiss its results and use it for fun only.

Message 2 of 3
Anonymous
Not applicable

Re: Experience with "Credit Analyzer" tool in BoA Privacy Assist

Thanks for your help! I just subscribed to myFICO and saw the true picture! I've been enlightened! lol...FICO scores lower than FAKO:

- EQ: 676
- TU: 702
- EX: 704
Message 3 of 3
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